Thermochromic Materials Market Size Worth $7.31 Billion By 2025

The global thermochromic materials market is expected to reach USD 7.31 Billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for reversible thermochromic materials in application industries is expected to drive demand over the forecast period.

Growing demand for thermochromic materials in food quality indicators to determine the quality of frozen meat and dairy products coupled with the increasing use of thermochromic pigments in inks, paints, and coatings is expected to drive market growth over the forecast period.

Color diversity, cost-effectiveness, and manufacturing process flexibility are some of the major advantages of thermochromic materials. As a result, the demand for thermochromic pigments in novelty products is increasing significantly. In addition, the use of reversible temperature-sensitive materials in baby products and sensors is expected to aid growth over the next eight years.

Complex chemical formulation coupled with the difficulty in maintaining the formulation stability of reversible thermochromic materials is expected to hamper the demand for the materials over the forecast period. However, constant research & development projects undertaken by the manufacturers are expected to aid in the development of stable reversible materials, which in turn is likely to attract demand from the application industries.

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http://www.grandviewresearch.com/industry-analysis/thermochromic-materials-market

Further key findings from the report suggest:

• Reversible thermochromic materials are expected to grow at CAGR of 5.0% over the forecast period on account of growing demand in baby diapers, sensors and chemical containers owing to its reversible characteristic

• Irreversible materials dominated the market with over 60% of the overall revenue share due to increasing demand for the product in novelty products and textile industry over the forecast period

• Thermochromic pigments accounted or the largest volume share in 2016 and the segment is expected to continue its dominance over the forecast period owing to the increasing use of the pigments in the manufacturing of paints and inks

• The Asia Pacific is expected to be the fastest-growing region over the forecast period on account of the increasing demand for reversible as well as irreversible products in textile & novelty product manufacturing, and printing industry

• The industry is fragmented with manufacturers catering to their local markets, creating a monopoly. In addition, on account of the emerging industry and slow growth, the existing manufacturers prevent new players from entering the market.

Grand View Research has segmented the global thermochromic materials market on the basis of product, application, and region:

Thermochromic Materials Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

• Reversible

• Irreversible

Thermochromic Materials Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

• Food quality indicators

• Papers

• Pigments

• Thermometers

• Others

Thermochromic Materials Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

• North America

  • The U.S.

• Europe

  • Germany

  • The U.K.

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East & Africa